Central bankers see more pain for U.S. economy

The worst crisis I've seen in 30 years

After more than 15 years of extraordinarily benevolent economic conditions worldwide - cheap oil, cheap money, growing trade, the Asia boom, rising house prices - things are unravelling at bewildering speed. The system might be able to handle one shock; it is undoubtedly too fragile to handle so many simultaneously.

//www.guardian.co.uk/commentisfree/story/0,,2205121,00.html



Central bankers see more pain for U.S. economy

Central bankers past and present warned on Tuesday of more pain to come for the U.S. economy and that banks worldwide could take several months yet to reveal full losses from U.S. subprime mortgage lending.

//news.yahoo.com/s/nm/20071106/bs_nm/economy_credit_dc_5



Markets fear banks have $1 trillion in toxic debt

A new phase in the credit crunch, one of "$1 trillion losses" seems to be dawning. The crisis at Citigroup and renewed doubts about some of the world's leading banks disquieted stock markets on both sides of the Atlantic yesterday, with the fractious mood set to continue.

//news.independent.co.uk/business/news/article3132507.ece


From Information Clearing House



//freepage.twoday.net/search?q=mortgage
//freepage.twoday.net/search?q=Citigroup

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